I am doing a politics essay arguing points for and against greater Fiscal Integration in the EU, and was wondering if anyone has an arguments for either side?
Do we need further fiscal integration for the EU to survive?
The essay is related to the recent economic problems, in particular the debt crisis with PIIGS.
Yes. We need less democratic power in the hands of nation states.
Europe needs to turn into America. Europe needs to be like a federal government. Where the nations are like the states.
The banking set up of the America, a central bank with multiple member banks, is already done. Just need to have a legislature and some fiscal control. That is the only way to keep the current system up because the monetary union you have to have fiscal transfers to offset trade imbalances.